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intelliHR Holdings Limited (ASX:IHR) designs and develops people management software. The Company focuses on analytics, organization design, performance and people management, automation, organizational chart, and record keeping solutions. intelliHR Holdings serves customers in Australia.
The professional services fees are charged for implementation services, training, and process redesign consulting workshops. Services delivered as part of the implementation are amortized over the life of the contract in line with revenue recognition accounting standards. Professional services fees are expected to grow over the coming year to contribute 40% of the companyâs revenue.
The company, today on 27 March 2019, has reported that it has reached a significant milestone by signing its 50th contracted customer to the intelliHR HR management platform, a 16% increase on the 44 signed organizations as at 31 December 2018, and a 143% increase on total customer contracts signed as at 31 March 2018. This has occurred on the back of a targeted direct marketing approach and significant investment into building and leveraging a scalable sales organization. A focus to expand integration and partnership sales channels is also now well underway and expected to add weight to intelliHRâs sales results this year. Adding multiple, large customers to the intelliHR platform has resulted in a substantial uplift in Annual Recurring Revenue (ARR) over the quarter to date, with a 54% increase since December 2018 to $952,013.
The management believes that while 2018 was a year of validation for the company, 2019 is expected to be a year of expansion and growth. The Company is actively pursuing relationships both within Australia and abroad for potential integrations that may support new customer lead generation opportunities, and separately has also recently signed its 21st partner to its program to efficiently pursue enterprise-level organizations. This distribution plan allows the companyâs direct sales team to actively target the middle market where the Company can efficiently sign and implement customers in rapid fashion. The company continues to prove its HR management platform is instrumental to business and employee success, with its strong retention performance to date.
These results represent the strongest quarter in intelliHR history, with 1775 contracted paying users joining the platform and 6900+ total paying users now on board. intelliHR has also recently signed its third US-based customer with implementation to occur in April. intelliHR is currently working with several US-based integration partners and is confident this expansion will continue.
On the price-performance front, the stock has posted the year till date return of 33.33%. The company also has posted returns of -40% and 33% over the past six & three months respectively. At the time of writing i.e., on 27th of March 2019 AEST 2:26 PM, the stock of the company is trading at a price of A$ 0.14, up by 16.667% during the dayâs trade with a market capitalization of ~A$ 12.64 Mn. The stock opened the day at A$ 0.140 reached the intraday high of $ 0.150 and touched an intraday low of $ 0.140, with an average daily volume of more than 159,500. It had a 52-week high price of $ 0.305 and a 52 weeks low price of $ 0.090, with an average volume of, 82,945 approximately.
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